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plese answer all 3 The following information relates to the Wallstrom Company at the end of 2023 . The accounting period is the calendar year
plese answer all 3
The following information relates to the Wallstrom Company at the end of 2023 . The accounting period is the calendar year (ending December 31). Using the information given, prepare the necessary adjusting entries at December 31, 2023. 1. A note for $10,000 was received from a customer in a sales transaction on May 1,2023 and was correctly recorded. The note matures in one year and bears 6% interest. 2. On August 1,2023 , Wallstrom borrowed $20,000 cash by signing a Note Payable due in one year at 9% interest. The Note Payable was correctly recorded. 3. Employees are paid every Friday for the five-day week ending on that day. Salaries amount to $8,000 per week. Assume that December 31, 2023 is a Wednesday Step by Step Solution
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